Knoxville, TN Multifamily Market Report | MMG Real Estate Advisors | Q1 2026

Market Overview

Knoxville's multifamily market continued navigating a well-defined supply cycle transition in Q1 2026, with 2,523 units completed over the past 12 months outpacing the 1,166 units absorbed by more than two-to-one, sustaining lease-up competition and pushing stabilized occupancy down to 92.9%, a 130 basis point annual decline. Average rent stood at $1,458, down 2.0% year-over-year, though the pace of quarterly decline has decelerated steadily, with occupancy continuing to rank among the stronger performers nationally. The construction pipeline has contracted sharply and starts have pulled back to near multi-year lows, signaling the supply wave has crested and a meaningfully lighter delivery environment lies ahead. NOTE: The full report requires submitting contact information through a download form; the description above reflects publicly visible market snapshot data only.

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About MMG Real Estate Advisors

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MMG Real Estate Advisors is a multifamily investment sales and research firm tracking apartment market fundamentals across the Southeast, Midwest, and beyond. Their Q1 2026 Knoxville multifamily market snapshot tracks rent, occupancy, absorption, and supply trends to help owners and investors assess market timing. To read the full report, click here.